Elon Musk says buying Twitter will help him build an 'everything app'
Elon Musk now suggests he is EAGER to buy Twitter and claims it will help him build an ‘everything app’ after fears of an embarrassing trial forced him to follow through on $44B deal
- Musk tweeted on Tuesday night suggesting he is now eager to buy Twitter
- ‘Buying Twitter is an accelerant to creating X, the everything app,’ he wrote
- Musk offered no other details on his plans for the mysterious ‘everything app’
- Earlier Tuesday, Musk agreed to buy Twitter for $44B as he had originally offered
- Billionaire spent several months trying to back out of the merger agreement
- He cited rampant spam and bot accounts in claiming the deal was invalid
- The case had been set to go to trial in Delaware court on October 17
- In renewing his offer, Musk demanded the lawsuit and trial be halted
- His sudden U-turn on Tuesday means he could own the company within days
Elon Musk has acknowledged his abrupt reversal in the battle over his Twitter takeover, in a tweet suggesting that he is now eager to complete the transaction.
‘Buying Twitter is an accelerant to creating X, the everything app,’ Musk tweeted on Tuesday night, hours after he offered to complete the buyout at his original offer price of $44 billion.
Musk had been battling for months to back out of the deal, and legal and financial analysts widely believe that he acquiesced due to fears that he could be forced to complete the transaction after a highly public, potentially embarrassing trial.
Twitter had sued Musk in order to force him to completed the agreed-on merger, and the case had been due to go to trial in Delaware court on October 17, until Musk backed down and agreed to carry out the deal.
‘Musk saw the writing on the wall and knew his chances of a victory in Delaware were slim to none with the best path accepting the current deal and move forward,’ wrote Wedbush analyst Dan Ives in a note obtained by DailyMail.com.
‘Being forced to do the deal after a long and ugly court battle in Delaware was not an ideal scenario and instead accepting this path and moving forward with the deal will save a massive legal headache,’ he wrote.
The billionaire did not elaborate on his plans for an ‘everything app’ or explain what such a product would offer.
However, he has previously indicated that he could build an alternate social media platform called X.com if his Twitter buyout failed. PayPal, which Musk co-founded, was originally known as X.com, and SpaceX is one of his major ventures.
The private Musk-controlled company that will acquire Twitter in the buyout is officially known as X Holdings.
Elon Musk has acknowledged his abrupt reversal and agreement to buy Twitter in a tweet suggesting that he is now eager to complete the transaction
Musk had been battling for months to back out of the deal, and legal and financial analysts widely believe that he acquiesced due to fears he would lose a court battle
Earlier in the day, Twitter accepted Musk’s proposal to buy the company for $44billion, with a deal expected to close within weeks.
A spokesman for the company told DailyMail.com on Tuesday afternoon: ‘We received the letter from the Musk parties which they have filed with the SEC.
‘The intention of the Company is to close the transaction at $54.20 per share.’
Regulatory filings on Tuesday revealed that Musk’s attorneys sent Twitter a letter confirming that he planned to buy the company at the original price he proposed – $44billion.
It was a surprising U-turn from the bombastic billionaire, but was prompted by his fear that he’d end up being ordered to buy the company anyway in court.
Musk had been trying to back out of the Twitter deal, claiming the company was hiding how many spam accounts were active on the site. Twitter took him to court to try to force the takeover through.
The judge, Chancellor Kathaleen McCormick, recently rejected Musk’s request to delay proceedings. Sources cited by Bloomberg on Tuesday said he feared she would end up siding with Twitter in the matter and force him to buy the company after a highly public, potentially embarrassing trial.
Musk’s new offer to complete the deal is contingent on Twitter halting its lawsuit to force the transaction. Now, with a deal nearing close, Twitter’s share price is soaring.
Trading was halted at 12.10pm on Tuesday after the shares jumped 13 percent to $47.93, and the stock closed at $52, an increase of 22 percent on the day.
On Tuesday morning, Musk wrote to Twitter in a letter, proposing to buy the company for $54.20 a share – his original offer
Trading was halted at 12.10pm on Tuesday after the shares jumped 13 percent to $47.93, and the stock closed at $52, an increase of 22 percent on the day
Texts between Musk and his famous friends about the deal were already made public in the court docket.
Musk had been scheduled to be deposed by Twitter’s attorneys starting on Thursday, which would have forced him to answer potentially embarrassing questions under oath.
TIMELINE OF ELON MUSK’S CHAOTIC ATTEMPT TO TAKEOVER TWITTER
April 2: Musk announces that he owns 9.2 percent of the company, making him its largest single shareholder
April 14: Musk offers to take Twitter private at $54.20 a share, valuing the company at $44billion
April 25: Twitter accepts Musk’s offer
April 29: Musk sells $8billion in Tesla shares to finance deal
May 13: Musk says Twitter deal is on hold pending a review of bot accounts
May 26: Musk is sued by Twitter for stock manipulation during takeover
July 8: Musk says he’s backing out of the deal.
Twitter sues, trying to force him into seeing it through.
October 4: Musk proposes again to go ahead with the deal at the original price
October 17: Proposed trial date in Delaware
Now, Musk is expected to own the company within a matter of weeks, if not days. He has not commented publicly about the new offer.
Once in charge of Twitter, Musk plans to make changes to enhance freedom of speech.
Among them is adding an ‘edit’ button to tweets.
He also wants to stamp out fake accounts and bots which he says dilutes the experience and he wants to abolish permanently banning users.
Former CEO Jack Dorsey – who banned Trump in January 2021 during the Capitol riot – agrees with the latter.
He also wants an open source algorithm, which would expose how the website decides what appears on users’ feeds.
It is given the name ‘Open Source Algorithm’ and would work to restore faith in the town-square mentality that inspired the site in the first place.
Musk has also indicated that he’ll add the option for long-form tweets that exceed the current limit of 280 characters.
Trading of Twitter shares was halted on Tuesday as news of his offer emerged and drove the company’s share price up by 13 percent.
Musk’s original offer in April was to buy the company for $44billion – 38 percent more than what the market said it was worth at the time.
But after months of back and forth, he tried to back out of the deal in July, citing Twitter’s apparent refusal to hand over enough information about how many spam and bot accounts were active on the site.
Twitter sued him for attempting to back out and the two sides were due to fight it out at a civil trial in just a few weeks.
Tuesday’s new proposal signals an end to that dispute, though it’s unclear what prompted Musk to change his mind.
However, Twitter may push to keep the October 17 trial date on the court’s calendar until the buyout actually closes.
‘I don´t think Twitter will give up its trial date on just Musk´s word – it´s going to need more certainty about closing,’ Andrew Jennings, professor at Brooklyn Law School, told the AP.
Chancellor Kathaleen McCormick recently rejected Musk’s request to delay the trial
Jennings noting that the company may be worried about Musk’s proposal being a delay tactic, after the billionaire already twice tried unsuccessfully to postpone the trial.
He now is likely to own the company within days, sources cited by CNBC said.
It comes within days of super agent Ari Emanuel, one of Musk’s friends, urging Twitter to come to a settlement with him ahead of the court date.
Hollywood titan Emanuel recently contacted Egon Durban, a member of Twitter’s board, urging him to end the dispute.
Emanuel is friends with both Musk and Durban, who sits on the board of his company, Endeavor.
Musk’s retreat from the court battle signals a surprising end to the months-long saga.
In April, Musk announced that he was Twitter’s largest shareholder, owning 9.2 percent of the company.
He then proposed buying he company, speaking publicly about how tired he’d become with its bias and its squashing of free speech.
Months of toeing and froing ensued and Twitter employees were driven into a meltdown at the thought of unpredictable Musk becoming their new boss.
AN EDIT BUTTON, OPEN-SOURCE ALGORITHM AND BANNING LIFELONG BANS: EVERYTHING ELON MUSK WANTS TO CHANGE AT TWITTER
EDIT BUTTON
One of the most memorable features that Musk has promised is an edit button that would allow users to change their tweets without having to permanently delete them.
In its current model, Twitter has no such tool.
Many have long demanded a function to edit their past tweets and get rid of the permanency of the site, that Musk says encourages cancel culture.
In a poll on his own Twitter page – where he has more than 100million followers – 75 percent agreed with him that an edit button would improve the site.
NO MORE LIFELONG BANS
The most notable subject of a lifelong ban is Donald Trump.
Musk doesn’t believe in permanent bans on accounts that the company disagrees with.
He says it contradicts the notion of Twitter being a virtual town square where all opinions are welcomed, and that it enhances bias.
The most notable subject of a lifelong ban is Donald Trump.
After being banished by Twitter, he set up his own social media website, Truth Social.
Musk says it was ‘stupid’ for Twitter to send him directly towards creating a competitor.
OPEN SOURCED ALGORITHM
The algorithm to decide what appears on each user’s Twitter feed is currently held secret by Twitter, but Musk thinks that should change.
He wants to expose how the company decides what people see.
LONG FORM TWEETS
In an effort to get rid of ‘threads’ – where users number tweets in a series of numbers to indicate the order of them – Musk said long-form tweets should be available to users.
Currently, users are limited by 280 characters per tweet.
Leaked texts revealed how Jack Dorsey, Twitter’s former CEO, backed Musk’s idea. He said: ‘A new platform is needed. It can’t be a company. This is why I left.’
Texts from April 9 (above) reveal a fallout between Musk and Agrawal. Musk had offered suggestions on how to improve the website and seemed eager to join the board. When he was ignored, he said he was going to offer to take the company private and that trying to improve it was a ‘waste of time’
Twitter founder Jack Dorsey (left) had tried to get Musk on the board for at least a year and said he quit after facing opposition from the board. He also offered to smooth things over between Musk and current Twitter CEO Parag Agrawal (right)
In July, the Tesla billionaire however announced that he wanted to back out of the deal. He said he’d demanded to be shown how many bot accounts were active on the site, and that Twitter had refused.
Twitter then sued him, claiming he couldn’t back out of the deal so suddenly and accusing him of general, reckless mischief.
‘From the outset, defendants’ information requests were designed to try to tank the deal.
‘Musk’s increasingly outlandish requests reflect not a genuine examination of Twitter’s processes but a litigation-driven campaign to try to create a record of noncooperation on Twitter’s part,’ the company’s attorneys said in a filing in July.
He has not commented publicly about the new offer. Instead, he tweeted about his internet satellites not making money on Tuesday and asked his followers for ‘support’
Both sides were due to go to trial in Delaware on October 17.
Musk’s chaotic takeover attempt happened six months after Twitter’s long-serving CEO Jack Dorsey announced he was stepping down.
He was replaced by Parag Agrawal.
At first, Musk was invited onto the board of the current, publicly-listed Twitter.
He exchanged friendly text messages with Agrawal and seemed eager to improve the site.
But when his suggestions were ignored, he went nuclear – threatening to buy Twitter and take it private to enact the changes he believes the site needs.
‘This is a waste of time,’ he fumed at Agrawal in a text in April before he tweeted about the site.
The texts were revealed in court filings last week, along with others by former Twitter CEO Jack Dorsey, who was enthusiastic about Musk joining the board.
‘I’m not joining the board, this is a waste of time,’ Musk told Agrawal on April 9th.
Elon Musk’s 18 equity investors helping fund his Twitter takeover include his friend Larry Ellison
Elon Musk has won the backing of some of the world’s wealthiest investors for his $44 billion takeover of Twitter.
From Oracle Corp’s co-founder Larry Ellison, a self-proclaimed close friend of Musk, to Saudi Arabian investor Prince Alwaleed bin Talal, who had earlier rejected the takeover bid, major investors have thrown their weight behind the offer.
Here’s how the deal stacks up, according to regulatory filings earlier this year:
Musk increased his financing commitment to $27.25 billion, from $21 billion.
The margin loan from Morgan Stanley tied to his Tesla stock stands at $6.25 billion, down from $12.5 billion announced on April 21
Musk has secured commitments from banks for $13 billion in loans secured against Twitter shares.
Elon Musk has won the backing of some of the world’s wealthiest investors for his $44 billion takeover of Twitter Inc.
Lawrence J. Ellison Revocable Trust – $1,000,000,000
Larry Ellison, co-founder of Oracle Corp, has agreed to invest $1billion towards Musk’s Twitter buyout, the largest contribution of all 18 investors the Tesla CEO has secured.
Ellison, 77, who is the ninth richest person in the world with a net worth of approximately $119.5billion, is known for his extravagant spending.
He once bought 98 percent of the Hawaiian island of Lanai, spent $194million on a yacht and invested hundreds of millions of dollars into luxury real estate in Malibu, California, Investopedia reported.
The software giant CEO also built an estate in California modeled after 16th-century Japanese feudal architecture.
In addition to owning 40 percent of Oracle, Ellison has stake in Tesla, NetSuite and Leapfrog Enterprises.
Larry Ellison (pictured with Bill Gates on his right in October 2021), CEO of Oracle Corp, has agreed to invest $1billion towards the Twitter buyout, the largest contribution of all 18 investors Musk has secured
Sequoia Capital Fund, L.P. – $800,000,000
Sequoia Capital – a venture capital firm that invests in startups in the energy, financial, enterprise, healthcare, internet, and mobile industries – is contributing $800 million towards Musk’s Twitter buyout.
In a statement issued to Axios Thursday, the firm said: ‘For over two decades, we’ve had a front row seat to Elon’s business and technical prowess, from X.com, which became PayPal, to SpaceX and The Boring Company. We see, as he does, the opportunity to drive meaningful product innovation that will help unlock Twitter’s full potential as a global platform that connects the world.’
The firm has 31 funds and has raised a total of $19.8 billion across all its funds.
Its latest funds, the Sequoia Crypto Fund, was announced in February 2022 and has already raised a total of $600 million, Crunchbase reported.
Sequoia Capital, according to its website, has previously worked with Apple, Google, Cisco, Unity, Snowflake and Zoom.
The firm is in its third generation of leadership with South African actuary Roelof Botha, 48, acting as Senior Steward. Botha has reportedly sat on the boards of MongoDB, Jawbone, Eventbrite, Evernote, Bird, Ethos, Mahalo, Natera, Nimbula, Square, Tokbox, Tumblr, Unity, Whisper and Xoom.
Sequoia Capital’s contribution to Twitter is the second largest of all 18 investors.
VyCapital – $700,000,000
VyCapital, a Dubai-based a global technology investment firm, is contributing $700 million towards the buyout. The firm was founded in 2013 by Alexander Tamas (pictured in 2010)
VyCapital, a Dubai-based a global technology investment firm, is investing $700 million into the buyout.
The firm is also an investor in The Boring Company, another Musk venture.
According to Crunchbase, VyCapital has raised a total of $354.1 million in its single venture fund, VY Capital Holdings Ltd., which was announced in September 2014.
The firm focuses on ‘category-defining technology companies’ that allegedly have the ‘potential to meaningfully impact humanity,’ according to the company.
VyCapital has more than 70 investments worldwide and is currently managing more than $5 billion in assets from leading global endowments and institutions.
The firm was founded in 2013 by Alexander Tamas who previously served as a Partner at DST and helped consolidate the Russian Internet sector around Mail.ru.
While at DST, Tamas personally led and sourced landmark investments in Facebook, Airbnb, Spotify, Twitter, JD.com, Alibaba, Xiaomi and Zalando.
Binance – $500,000,000
The world’s largest crypto exchange is investing $500 million in Twitter as a show of support for Musk.
Binance founder and CEO Changpeng ‘CZ’ Zhao tweeted Thursday that his company’s investment in the platform was a ‘small contribution to the cause’.
A spokesperson for the firm told CoinDesk its involvement in the platform is ‘as a supporter of Elon Musk’s plans for Twitter and an investor.’
Binance is investing $500 million in Twitter as a show of support for Musk. CEO Changpeng ‘CZ’ Zhao is pictured in April 2022
The world’s largest crypto exchange is investing $500 million in Twitter as a show of support for Musk. Binance founder and CEO Changpeng ‘CZ’ Zhao tweeted Thursday that his company’s investment in the platform was a ‘small contribution to the cause’
Last month after Musk made his initial offer to purchase the platform, Zhao tweeted: ‘Privatize it, issue a token, decentralize it’.
He also suggested the Tesla CEO should prioritize reducing spam and scams on the platform.
Also on Thursday, it was revealed that Binance has gained regulatory approval to provide digital asset services in France, the first European country to offer the company such permissions.
The permission was granted after months of regulatory setbacks and concerns over how the firm would ensure ‘anti-money laundering compliance,’ according to TechCrunch.
Binance, originally founded in China, is not allowed to operate in the UK or Germany. The firm has also largely pulled out of China due to Beijing’s sweeping crypto ban.
The company is reportedly still seeking a new home.
AH Capital Management, L.L.C. (a16z) – $400,000,000
AH Capital Management, L.L.C., a capital investment firm operating as Andreessen Horowitz, has committed $400 million towards Musk’s buyout.
The company invests in software and technology industries.
CEO Ben Horowitz addressed the news on Twitter, saying AH invested in the platform because they believe in the founders’ vision to ‘connect the world,’ which he thinks Musk can successfully do.
AH Capital Management, L.L.C., a capital investment firm operating as Andreessen Horowitz, has committed $400 million towards Musk’s buyout. CEO Ben Horowitz is pictured in 2016
‘While Twitter has great promise as a public square, it suffers from a myriad of difficult issues ranging from bots to abuse to censorship,’ Horowitz wrote.
‘Being a public company solely reliant on an advertising business model exacerbates all of these. Elon is the one person we know and perhaps the only person in the world who has the courage, brilliance, and skills to fix all of these and build the public square that we all hoped for and deserve.’
Horowitz, who is a general partner and cofounder of the firm, added: ‘We are excited to be part of this mission.’
AH was established over a decade ago and, as of April 2022, has more than $28.2 billion in assets under management as of April 2022, according to Forbes.
Horowitz has a tech background, having worked with cofounder Marc Andreessen at Netscape. The pair then cofounded Opsware, which they sold to HP for $1.6 billion in 2007.
The CEO is also an investor and board member of Medium, Databricks, Skype and Okta, as well as several others.
Qatar Holding LLC – $375,000,000
Qatar Holding LLC, a sovereign wealth enterprise of the Qatar Investment Authority, has invested $375 million in Twitter, giving the company a roughly 1 percent stake in the platform.
The firm’s involvement has proven curious considering it is a subsidiary of the sovereign wealth fund of Qatar, a country that does not seemingly align with Musk’s ‘free speech’ values.
Last year, according to The Daily Beast, Qatari ‘authorities continued to curtail freedom of expression using abusive laws to stifle critical voices’.
Malcolm Bidali, a Kenyan ‘blogger and migrant workers’ rights activist’ was reportedly ‘forcibly disappeared’ and locked in solitary confinement for speaking out against worker abuses in Qatar. The activist paid a $6,800 fine and eventually left the country.
Musk has indicated his Twitter takeover was fueled by the platform’s alleged failure to uphold free speech principals.
It is unclear if Qatar Holding will push back on Musk’s plans or act as a more passive investor.
Aliya Capital Partners LLC – $360,000,000
Aliya Capital Partners is an Investment Management company based in Miami, Florida.
The firm has agreed to invest $360,000,000 into Musk’s Twitter takeover.
According to its website, Aliya represents and manages an ‘exclusive community of families’ aiming to create ‘limitless value’.
Aliya, led by founding partner and CEO Ross M. Kestin, is dedicated to watching markets ‘many have never heard of’ and taking ‘advantage of opportunities as they appear.’
Before founding Aliya, Kestin worked at HSBC, which is one of the world’s largest banking and financial services organizations, and Fortune Partners Group, of which he was also a co-founder.
Fidelity Management & Research Company LLC – $316,139,386
Fidelity Management & Research Company, which acts as the investment advisor to Fidelity Investments’ family of mutual funds, has invested more than $316 million in Twitter.
The firm’s bid to invest in the social media platform came just days after Fidelity Investments announced that it would soon allow investors to add BitCoin to their retirement 401(k) plans.
Fidelity is run by Chairman and CEO Abigail Johnson, whose net worth is approximately $20.9 billion. She owns an approximately 24.5 percent stake in the firm, according to Forbes.
Johnson became CEO in 2014 when she took over for her father and has been chairman since 2016.
Her grandfather, Edward Johnson II, founded the Boston-based mutual fund giant in 1946. It currently has $4.2 trillion in managed assets.
Strauss Capital LLC – $150,000,000
Strauss Capital LLC, an investment bank in New York City, has committed $150 million towards Musk’s venture.
The firm was established in 2006 by Thomas J. Strauss and provides companies with ‘tailored and creative’ merger, acquisition, divestiture and recapitalization advisory services.
According to the firm’s website, its primarily serves private middle market companies and the private equity community.
Strauss, who serves as the firm’s managing director, has over thirty years of investment banking and operational experience.
Brookfield – $250,000,000
Canadian global asset company Brookfield has committed $250 million towards Musk’s Twitter takeover.
Brookfield Asset Management actively participates in various industries and economies across the globe and currently has $688 billion USD in assets under management.
On Tuesday, Brookfield insiders revealed the company is exploring a takeover of data-center operator Switch Inc., Yahoo Finance reported.
The asset manager has been active in the space for years and agreed to buy data-center operations from AT&T Inc. in 2018.
Sources allege Brookfield is one of several potential Switch buyers, however no final decisions has been made, meaning the firm could opt out of the deal.
BAMCO, Inc. (Baron) – $100,000,000
BAMCO, Inc., through its Baron Partners Fund, has agreed to invest $100 million in Twitter.
The fund invests primarily in U.S. companies with ‘significant growth potential,’ according to the firm’s website.
A substantial percentage of the fund’s assets are in its top 10 holdings which include Musk’s Tesla Inc., Space Exploration Technologies Corp., Hyatt Hotels and Spotify, among others.
Ron Baron, CEO of Baron Capital and one of Tesla’s largest shareholders, suggested Thursday – after it was revealed that his subsidiary BAMCO was investing in Twitter – that Musk got a good deal on his acquisition.
‘My guess 2-3x return or more next 4-5 years if successful,’ the CEO said in a statement to CNBC. ‘Purchase price really cheap since business had been so poorly run. Actually incredibly cheap and would have remained that way if Musk had not offered to acquire. In my opinion.’
Baron had previously called Musk’s involvement in Twitter ‘meaningless’.
DFJ Growth IV Partners, LLC – $100,000,000
DFJ Growth IV Partners, LLC is a venture capital firm focused growth stage investments in enterprise, consumer, and disruptive technologies.
The firm has committed $100 million to Musk’s Twitter buyout.
It was revealed last month that DFJ was one of several companies to contribute to the $675 million funding round for The Boring Company, another Musk venture.
Witkoff Capital – $100,000,000
Witkoff Capital, a firm owned by New York-based real estate tycoon Steven Witkoff, is investing $100 million in Twitter.
News of Witkoff’s investment comes just days after Steven’s son, Witkoff Capital President Zach Witkoff, married model and actress Sophi Knight in what some are calling the ‘wedding of the year’.
The event was held at former President Donald Trump’s Mar-a-Lago estate in Florida, according to The Real Deal.
The wedding was attended by Trump and his wife, Melania, billionaire real estate investor and hotelier Barry Sternlicht, developer Don Peebles and former baseball star Alex Rodriguez, among others.
Key Wealth Advisors LLC – $30,000,000
Key Wealth Advisors LLC has committed $30 million to Musk’s Twitter takeover.
The wealth management firm, which has offices in New York City and Alabama, advises clients with traditional and non traditional assets, according to the company’s LinkedIn page.
David Elfenbein is currently serving as the firm’s president. He previously worked at Wells Fargo, Morgan Stanley and UBS.
A.M. Management & Consulting – $25,000,000
A.M. Management & Consulting, a private equity, active investment, and consulting firm based in New York City, has agreed to invest $25 million in the social media platform.
The firm has made seven investments, with its most recent – not including Twitter – in November 2020 when ATAI Life Sciences raised $93 million, Crunchbase reported.
Litani Ventures – $25,000,000
Chicago-based venture capital firm Litani Ventures has invested $25 million in Twitter.
According to the firm’s website, it looks to invest in companies that are ‘building disruptive business across sectors’.
The firm also touts itself as being a company that ‘relentlessly seeks the truth’.
Tresser Blvd 402 LLC (Cartenna) – $8,500,000
Tresser Blvd 402 LLC has committed $8.5 million through Cartenna Capital, a Connecticut-based hedge fund manager founded in December 2019.
Cartenna Capital runs under CIO and Founder Peter Avellone.
According to his LinkedIn portfolio, the New York City-based entrepreneur previously worked for Angelo, Gordon & Co., Citadel LLC, Continuum Asset Management and SAC Capital/Point 72.
Honeycomb Asset Management LP – $5,000,000
Venture capital firm Honeycomb Asset Management LP committed $5 million to Musk’s Twitter takeover.
The company is known for its growth equity investments in the media, technology and telecommunication sectors.
CIO and Founder David J. Fiszel said on his LinkedIn profile that Honeycomb focuses on innovation and specializes in long/short equity and private growth investments.
Founded in 2016, Honeycomb has an excess of more than $1.4 billion in assets under management. Fiszel attributes the firm’s success to its established repeatable and scalable approach to investing.
Kingdom Holding Company
The filing also listed Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud as having committed 34,948,975 Twitter Inc shares.
Prince Alwaleed, who controls Kingdom Holding Company, is not providing cash like the other investors, but rather opting to forgo taking cash for his existing Twitter shares in exchange for a stake in the new parent company.
The filing also listed Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud (pictured in 2005) as having committed 34,948,975 Twitter Inc shares ‘in order to retain an equity investment in Twitter following completion of the Merger’
Prince Alwaleed, who initially tried to block Musk’s Twitter buyout, took to the platform in May to give a strong endorsement for the Tesla CEO
The royal made the move ‘in order to retain an equity investment in Twitter following completion of the Merger’.
Alwaleed had initially opposed the buyout, but later tweeted Musk today referring to his ‘new friend’ who will be an ‘excellent leader’ at the social media giant.
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